Oscar Feldenkreis, president and chief operating officer of Perry Ellis International commented, "We ended fiscal 2013 positively, reporting strong fourth quarter results and achieving progress on our objectives. Most rewarding is the improvement generated within our Perry Ellis and Rafaella sportswear collections. We were also pleased to see continued positive momentum for our Golf lifestyle apparel across all brands and our Direct to Consumer business, which delivered positive comparable store sales in the quarter."
Fourth Quarter 2013 Results
Total revenue for the fourth quarter of fiscal 2013 was $258 million, a 13% increase compared to $229 million reported in the fourth quarter of fiscal 2012. Revenue growth was driven by many of the Company's businesses, including Golf lifestyle apparel, the Perry Ellis brand, Laundry by Shelli Segal, International distribution and Direct to Consumer sales.
Gross margins expanded to 32.6% as compared to 31.4% in the same period of the prior year, reflecting a lower level of promotions in the collections businesses as well as higher contributions from the businesses discussed above.
As reported under GAAP, fourth quarter earnings per diluted share were $0.28 compared to earnings per diluted share of $0.12 in the fourth quarter of fiscal 2012. On an adjusted basis, fourth quarter earnings per diluted share were $0.50 as compared to adjusted earnings per diluted share of $0.38 in the fourth quarter of fiscal 2012. Adjusted earnings per diluted share exclude certain items as outlined in Table 1 Reconciliation of GAAP diluted earnings per share to adjusted diluted earnings per share.
Fiscal 2013 Results
Fiscal 2013 revenues were $970 million, as compared to $980 million reported in the prior year ended January 28, 2012 ("fiscal 2012). The prior year results include approximately $20 million of revenues associated with businesses exited during fiscal 2013.
Revenues rose in many of the Company's businesses, including Golf lifestyle apparel, Laundry by Shelli Segal, International distribution and Direct to Consumer. These increases were partially offset by planned reductions in the Perry Ellis and Rafaella sportswear collections.
On a GAAP basis, net income for fiscal 2013 was $14.8 million, or $0.97 per fully diluted share compared to GAAP net income of $25.5 million or $1.60 per fully diluted GAAP share in fiscal 2012.
Adjusted earnings per diluted share for fiscal 2013 were $1.45 compared to adjusted earnings per diluted share of $1.94 in fiscal 2012 and exclude the costs mentioned above for both fiscal periods.
Gross margin for fiscal 2013 was 32.7% and was negatively impacted by 30 basis points due tobusiness exit costs. This compares to gross margin of 33.0% in fiscal 2012. Gross margin performance in fiscal 2013 also reflects a higher level of promotional activity in the first half of the year as the Company repositioned its collections businesses.
Perry Ellis International
Apparel/Garments | On 28th Jun 2017
Raymond, Indian textiles and apparel major, has decided to invest Rs...
Textiles | On 28th Jun 2017
The Goods and Services Tax (GST) is at long last all set to be rolled ...
e-Commerce is still evolving fast with constant flux and surprises
Leadership & Sustainability
Sustainable models are beneficial for brands, retailers and manufacturers
Surat dominates foiling, embossing and pleating
The Indian market has huge potential in technical textiles, and by far,...
Iago Castro Asensio
RCfil Distribuciones S.L.
Iago Castro Asensio, International Business Manager of RCfil...
Nature Works LLC
Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...
Yash P. Kotak
Bombay Hemp Company
One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...
Sonam and Paras Modi's Sva Couture is synonymous with head-turning...
Aditi Somani specialises in luxury fusion wear with international cuts and ...
Apparel/Garments | On 28th Jun 2017